Every enterprise must register and be granted a tax code by the tax authorities before entering the operations.

So what is the tax code and used for?

A company tax number is a sequence of numbers encoded according to a unified principle for each taxpayer, charge, fee and other income in accordance with the provisions of the laws, ordinances, taxes and fees which are generally referred as tax laws and legislations.

Tax identification number is used for classifying and identifying taxpayers and being nationwide managed.

Addressing Vietnam Tax Penaltie

Regarding the registration of tax code, it needs to follow some principles:

– Taxpayers will only be given a unique tax code for use throughout their operations from the time they register their tax codes until they no longer exist.

– The tax code is used to declare and pay taxes for all tax payables by a taxpayer, even if the taxpayer trades in many different professions or business activities in different locations.

– The granted tax identification number shall not be used for another taxpayer. When a business or business organizations no longer exist, their tax identification numbers shall be invalidated and not be reused.

– For a tax code granted to a taxpayer who is the owner of a private enterprise, a household business owner or an individual who has not changed all his / her life, including the case when he / she continues business activities after a business stop period.

Then, how to register a new tax code for the company

– Within 10 working days from the date of issuance of the business registration certificate or establishment and operation license or investment certificate, the taxpayer must prepare the dossier in full according to Vietnamese regulations (complete all information on the declaration forms and attached documents) and send them to the tax agency for tax registration.

– Tax agencies shall check taxpayers’ tax registration dossiers. If dossiers are complete and proper, they shall process dossiers and grant tax identification numbers to taxpayers.

Why foreign companies in Vietnam should use tax code registration services?

The first reason for this choice is the frequent renovation of accounting regulations in Vietnam. Therefore, if you are not an expert in taxation, you cannot update the right changes on time and your business will not perform in accordance with regulations.

Besides that, if you are a foreign investment capital in Vietnam, you are not able to understand clearly all tax regulations of Vietnam, you might choose tax code registration services to avoid risks relating to the implementation of tax procedures in Vietnam.

Smart Solution for Business Limited Company or S4B ensures to cover all the above mentioned progresses in its services in harmonious with the clients’ request and theirs features, especially for the newly founded foreign based establishments.

S4B is a well experienced company in the accounting fields in Vietnam which focus much of its services for new setting foreign based businesses. It is packed with qualified and dedicated consultants and accountants who are very responsive and sensitive to a particular company’s problems.